Cineworld is facing an investor backlash over plans to pay bonuses worth up to £65m to its chief executive despite receiving taxpayer cash to survive the pandemic.
More than 5,000 staff have been furloughed while its 127 UK cinemas are shut. But next week the board will try to push through a pay policy and a long-term bonus scheme that could hand bosses up to £208m.
Hard times: The latest James Bond film, No Time To Die (pictured left), was delayed again, but Cineworld boss Mooky Greidinger (right) and his brother Israel will receive £33m each
Meanwhile, the cinema industry suffered another blow yesterday when the latest James Bond film, No Time To Die, was delayed again until the autumn.
But if Cineworld’s share price hits 190p within three years, close to its pre-pandemic level of 197p, the chief executive Mooky Greidinger (pictured below) and his brother Israel will receive £33m each.
If the share price hits 380p, the brothers will be handed £65m each. Three top investor advisory groups have urged shareholders to vote against the scheme.
The Greidinger family own a 20 per cent stake in Cineworld, leading one advisory group to question whether there was a ‘genuine need to further incentivise’ the owners.
Cineworld declined to comment.
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